RiffRaf - Much thanks for the input. It is funny you mentioned what you did about the set dollar amount in my setups. That is something I started to consider as I realized the stop size was not market related but rather me trying to make the market work. It was something I was going to implement until I had the eye opening moment a little ways back. Even though I was trading religiously to my plan, I wasn't understanding why the market was working or doing what it was doing. For the moment, I am not trading and I am observing until I understand why I should or should not pull the trigger. As for the plan guides, yes I had almost all of that outlined, which is good to know it is in sync with what you put down. There are few areas in there that I didn't address but as I build on what I am doing, they will be. Thanks again.
My pleasure. Not sure if you have read Trading in the Zone by Mark Douglas-- if not-- I highly recommend it. It presumes the reader has an edge in the market... and deals instead on the psychology of trading and "pulling the trigger". Major eye opener and life changing event for me. If we try to overanalyze why the market does what it does-- or why it didn't do what it did last time... we will drive ourselves nuts---because the reality is whatever caused the market to do this or that... or not do this or that... is completely independent of the next time. Our initial mentality however is that we need more knowledge of the markets and why they do what they do-- this book debunks this theory- and I wholly agree with it now. When we accept this- than we have agreement that uncertainty exists in each and every trade we ever take... because that is the ultimate reality. However-- if our system has an edge- then we should be looking to take every single opportunity that presents itself... knowing that over a statistically signficant number of trades-- the probabilities will take care of themselves and we will be profitable. Just as Vegas knows each individual black jack hand is independent of one another- and a wild gambler could take the house for a big hit-- based on their rules they know over time they always come out ahead. So it is in trading as well. Good luck to you.
What I know today - not a fuckin thing - quite liberating it is.... Saves me from needing to be right Every Day...., All day win..., lose..., or draw RN
Wrr - observe and learn Fights, golf and football this weekend. The tourny will conclude so the towel should be ordered by Monday.
RN, quick q if you don't mind. I notice the ES is trading well above the SPY this morning. Does this signal possible buying today (or it already happened o/n) or is the divergence normal on expiration? ES is currently up 6 points while the SPY is below yesterday's close. Thanks. BD
BD From a technical standpoint - how the hell should I know â I donât trade em From a fundamental view Triple witching âneed the window dressing APPL rollout, which should drive up APPL Tech Financials (people using CC to buy phones) Lastly â wonder how recent many Fridays have been up This is not a forecast for today... it is simply me stating what i see I have no clue what will happen today RN